Welcome to the new Opening Bell from The Water Coolest. We think you're gonna like it here ...
(For those of you wondering WTF The Water Coolest is, and what it's intentions are with the Opening Bell ... don't worry we've made you a new friend.)
Don't mess with Texas [The Water Coolest]
Everything's bigger in Texas ... including the glut of light sweet crude. US oil stockpiles have grown for the ninth week in a row, with the land of the free and the home of the brave producing 11M barrels per day and conservative estimates projecting 12M bpd in 2019.
Combined with Russia and Saudi Arabia extracting fossil fuel more feverishly than BP circa 2010, prices of light sweet crude continue to plummet. On Friday, black gold fell 7.7% to $50.42, its largest daily drop since 2015. And you thought bitcoin was having a bad holiday weekend.
Meanwhile, OPEC, the 15-country cartel that oversees the flow of oil from major producers including Saudi Arabia may blink first in a game of chicken with the US. The countries are mulling a "quiet" production cut of 1M or more barrels per day to buoy prices.
Of course, OPEC 'quietly' cutting production by 1M barrels per day is akin to Jay Powell 'discreetly' raising interest rates by 1% overnight.
Texas Is About to Create OPEC's Worst Nightmare [Bloomberg]
Add to cart [The Water Coolest]
It's comeback szn for retail ... kinda.
The total amount spent on Thanksgiving this year was a record breaking $3.7B ... in digital sales alone. That's roughly $45M per second. And an estimated one-third of reported sales occurred on mobile, presumably somewhere between grandpa's off-color jokes and Aunt Kathy's expletive-laced rant on global warming.
According to Adobe, which tracks trillions of e-commerce transactions, a total of $6.22B was spent online on Black Friday for people who wanted to avoid sh*t like this.
Brick and mortar figures are still trickling in, but early estimates show sales dropping in-store by up to 7%.
Rotten Apple [The Water Coolest]
Morale is lower than usual at one Apple partner's plants in China. The biggest assembler of iPhones, Foxconn, aims to cut $3B in expenses and 10% of nontechnical workers in 2019 due to 'a very difficult and competitive year.' (aka weak iPhone demand). For context, Foxconn spent approximately $6.7B 2018. Yikes.